2022 Illinois Real Estate Brokerage License Requirements

2022 Real Estate Brokerage License Requirements for a Continuing Education (CE) Instructor. An individual possessing a Real Estate Continuing Education (“CE”) Instructor License may teach an. Elective CE Course. Licensed by the Division of Real Estate (“DRE”) unless restricted by the DRE to specific courses or topic areas.

To learn more view the link below.

https://idfpr.illinois.gov/Forms/DRE/CEReq2022.pdf

2021 Illinois Rental Payment Program

Rental Payment Program (ILRPP). With Illinois’ initial 2021 allocation of rental relief funds fully paid out, IHDA will open a new round of assistance funded by a separate federal bill on Monday, November 8, 2021. For future ILRPP and mortgage assistance program information and updates, please visit illinoishousinghelp.org. You may read the full press release here.

Rent Assistance Still Available Through IDHS!

If you missed the window to apply for assistance through IHDA, the Illinois Department of Human Services (IDHS) is currently accepting applications for rental assistance. If you are looking for assistance, please contact an IDHS Service Provider Agency in your area. To find out if you’re eligible, ask about rental assistance, and get help with applying.

Find a IDHS Service Provider at https://www.illinoisrentalassistance.org/providers

Illinois Renters Fear Eviction

ILLINOIS — After four extensions and numerous challenges in court, the federal moratorium protecting Illinois renters from eviction during the pandemic is set to expire in just a few days.

The moratorium, issued by the Centers for Disease Control and Prevention, officially ends July 31. The most recent extension was issued in June, and federal officials have indicated they have no plans to extend it again.

Click the link to read the rest of the article. https://patch.com/illinois/chicago/illinois-renters-fear-eviction-federal-moratorium-ends

Illinois Real Estate Affairs Update

This is a recent article called Spring 2021: Government Affairs Update that was written by the Chicago Association of Realtors. To read this article, click here.

The Language of Foreclosures

Talking about foreclosure real estate can be hard enough without even entering the market. That’s because foreclosures tend to have their own language, employing many obscure words originating in government housing legislation and real estate law. Without a background in these areas, prospective investors won’t be able to decipher even the simplest foreclosure contract. This article lists some of the more common foreclosure-related terms as a reference for people interested in this lucrative market. 

Abandonment: Wherein a property owner has given up ownership rights without coercion and does not want to retrieve those rights or pass them to somebody else. A situation involving an unused property does not guarantee abandonment.

Acceleration Clause: A clause commonly written in a mortgage enabling the lender to demand full re-payment immediately, rather than at the end of the contracted term. The clause must also detail an occurrence that would put it into effects, such as a default on regular payments, sale of the property, or re-assignment of property rights. In most cases, the debtor must be given reasonable notice, and a chance to reverse the occurrence. The debtor is also immune from acceleration if there is no such clause written into the agreement. 

Chattel: Personal property, including household items.

Closing Costs: Expenses not related to the marketing and selling of the property, sure as loan fees and paperwork fees. Foreclosures might also involve extra-legal and escrow fees.

Deed in Lieu of Foreclosure: Property owners may deed their property to the lender if foreclosure is imminent, rather than go through the entire process. For the deeding to be official, the lender must give approval. 

Default: Failure of the borrower to make payments as required by the lender. “Default” may refer to a missed payment without any further repercussion or a series of missed payments resulting in a failed mortgage.

Equity Right of Redemption: The right of the borrower to remove all encumbrances related to the mortgage, in order to avoid foreclosure.

Federal Housing Administration (FHA): A part of the Housing and Urban Development Federal agency responsible for determining industry standards for mortgage loans by private lenders. FHA also insures mortgages by private lenders. Foreclosure investors must occasionally deal with this agency. 

Federal National Mortgage Association: Also known as FNMA, or Fannie Mae, this federal agency oversees conventional residential mortgages and will buy out loans that follow its rules. Some foreclosure investments require direct communication with this agency. 

HUD1 Statement: A form mandated by the US Department of Housing and Urban Development that specifies the costs of acquiring a foreclosed home.

Loan-To-Value Ratio: A comparison of the total loan amount and the lesser of the property’s sale price or appraised value. 

Notice of Rescission: A notice from the lender notifying the borrower that he or she is again in good standing with the loan, and payment deficiencies have been corrected. 

Short Sale: A property sale priced at or below market value, and lower than the amount of a mortgage on the same property. 

Truth-in-Lending Act: A law requiring the lender to provide the borrower with a full written explanation of the mortgage’s terms.

What A Lender Must Disclose

When applying for a mortgage, laws require a lender to disclose several facts about the loan at the time of application or within three days of submitting it. It is important to familiarize yourself with these points so you can be fully educated about possible charges, rates, and ownership of the loan.

Good Faith Estimate

The Real Estate Settlement Procedures Act (RESPA) requires the lender to give the estimated closing (settlement) costs of a loan. These can include a processing fee, appraisal or inspection fee, credit report fee, and mortgage insurance application fee. The Department of Housing and Urban Development (HUD) has an itemized list of these costs, and the lender is required to provide the borrower with a brochure from HUD about the home-buying process. The closing costs are separate from the loan amount and are usually expected to be paid upfront.

Truth in Lending

The federal Truth-in-Lending Law ensures that borrowers will have knowledge of the terms and conditions of a loan so they can effectively compare loan programs and lenders. A lender must disclose the annual percentage rate (APR) of the loan, which is the cost of credit to the borrower expressed in a yearly rate. This charge can include indirect charges a borrower must pay including appraisals and credit reports if those costs are to be paid with loan payments.

Transfer for Servicing

The lender must also provide the intent regarding servicing the loan. This is also called selling the loan, and it refers to the rights of payment collection. It is common for a loan to be sold at least once during its life. Servicing a loan does not personally affect the borrower other than changing where payments may be sent. The lender should tell what percentage of loans it has transferred in the past. It must also give adjustable rate mortgage (ARM) applicants a maximum cap for monthly payments.

Besides the required disclosures a lender must make, be sure to ask about prepayment penalties. Loans with a prepayment penalty sometimes have a lower interest rate, and lenders may default to this. If you are interested in making early or double payments on your mortgage, be sure to ask the lender about possible penalties.